New Zealand medicinal cannabis company Cannasouth has opened a NZ$6 million offer to consolidate its operations and maximise revenue opportunities.
Earlier this month, the company entered into conditional agreements to take full ownership of its cultivation and manufacturing joint venture businesses Cannasouth Cultivation and Midwest Pharmaceutics NZ, subject to a capital raise.
CEO Mark Lucas said: “Funds raised from this share offer will not only allow us to consolidate the group, it also allows us to increase our marketing spend for export flower sales while accelerating research and development and new product development.”
Cannasouth’s first harvest is scheduled for December 2021.
MGC Pharmaceuticals has lodged a patent application with the Slovenian intellectual property office for a cannabinoid drug-delivery formulation that increases doses to the brain.
The self-nano emulsifying cannabinoids-ionic complex concentrate drug-delivery system (SNEDDS) enables the administration of higher concentrations of CBD (at 100-200mg per ml) needed for the treatment of neurological conditions at increased bioavailability.
The company expects a patent to be issued within the next 12 months.
Creso Pharma has completed the acquisition of Canadian psychedelics company Halucenex Life Sciences, giving it access to a global psychedelic medicines market estimated to be worth around US$100 billion.
The company announced the acquisition in March, subject to due diligence, which was completed this week.
In June, Creso and Red Light Holland entered into a definitive merger agreement to create The HighBrid Lab, a global psychedelics and cannabinoid company with an implied pro forma equity value of A$371 million.
Meanwhile. Creso has launched its Cannadol formulations into the sport, health and wellness markets in Switzerland through established commercial channels and a recently developed ecommerce website.
The company has developed two new products, Cannadol Boost, for use before sport and recreational activity, and Cannadol Recovery, which aids in recovery from sport and other physical activities.
Incannex has engaged Latin American firm Procaps to develop and manufacture IHL-675A soft-gel capsules in preparation for clinical trials.
The company’s anti-inflammatory, multi-use hydroxychloroquine/CBD drug cocktail will be developed with Procaps’ proprietary patented Unigel technology.
Procaps is able to provide an end-to-end service that includes formulation development, clinical trial supply and subsequent commercial manufacture.
Following guidance from the US Food and Drug Administration at a pre-investigational new drug application meeting in April, Incannex expanded its development program to assess the potential of IHL-675A to become a multi-use pharmaceutical drug for the treatment of lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, and inflammatory bowel disease.
UPDATE: Incannex entered a trading halt on July 20, citing a material patent update and ethics approval for its research studies. The trading halt will remain in place until either the start of normal trading on July 22, or the earlier release of an announcement.
Medlab Clinical has executed a Master Services Agreement with WEP Clinical to bring its NanaBis and NanoCBD products to patients in the UK and Europe via Ethical Named Patient Programs.
The deal is the first partnership for Medlab to supply its cannabinoid medications outside the Special Access Scheme in Australia.
Medlab CEO Dr Sean Hall said: “This is a major milestone for Medlab to begin supplying NanaBis and NanoCBD on prescription for the first time to patients outside Australia.”